Only a week after rolling out its International Standard Industrial Classification System of All Economic Activities Modification 4 (ISIC4) system, the Division of Economic Growth - Ajman (DED-Ajman) recently introduced that a document 4 per cent of the complete financial licenses released in Ajman are currently suitable with the worldwide recommendation classification of the UN Secretariat's Division of Economic and Social Matters. The positive outcomes have further enhanced the division's efforts to enhance its digital communication with various other local and federal entities and attain government combination to streamline business treatments and attract larger financial investments. Additionally, the DED-Ajman's ISIC4 kinds part of its efforts in order to help elevate Ajman's competitiveness and systematically contribute to the emirate's financial diversification and sustainable advancement strategies.
A report on the initial week of the system's implementation shows that the number of applications to verify the license compatibility with ISIC 4 reached 1,190 applications. About 959 of these are now in full compatibility with ISIC4, while an overall of 231 are still being refined. The significant number of applications at the onset of deployment mirrors the general public's high trust fund and confidence in the new system, which was created to allow investors to precisely identify and assist in more than 3,700 financial activities. This will sustain new value-added financial chances and boost the efficiency of vital markets that are fundamental to Ajman's overall sustainable development.
Abdulaziz bin Hamdan Al Nuaimi, Head of Economic Licenses, Division of Economic Growth-- Ajman (DED-Ajman), included that, based on the report of the division's client service staff, there is no negative comments on the system made to categorize numerous economic tasks. This reflects local financiers' fulfillment over ISIC4's facilitation of faster purchases and simpler licensing and registration procedures.
Al Nuaimi kept in mind that the 4 per cent price accomplished during the initial week of ISIC4's deployment is the latest enhancement to the department's numerous accomplishments, which represent its continuous initiatives to develop action strategies to boost the quality of its solutions and make sure client complete satisfaction in accordance with best global practices.
Al Nuaimi said: "The successful launch of ISIC4 illustrates the system's essential function in increasing transactions and streamlining licensing and registration procedures to raise the competitiveness of Ajman and the rest of the UAE. We are positive that this step will yield substantial and positive results, especially in simplifying procedures and attracting financial investments to enhance Ajman's financial diversification plan and make it among the most appealing locations for local and regional investments."
The DED-Ajman is one of the UAE's very first government agencies to present the ISIC4 system, which aims to classify financial tasks with high accuracy; combine all socio-economic activities, signs, and ideas; and help with information exchange amongst local organizations. The system significantly contributes to Ajman's capacity to follow global growths; share worldwide experiences; follow up on the most recent global economic developments; and generate accurate records for the department's partner organizations and companies.